Insurance Claim Update
27 3월 2002 - 4:00PM
UK Regulatory
RNS Number:6568T
Chemring Group PLC
27 March 2002
FOR IMMEDIATE RELEASE 27 MARCH 2002
CHEMRING GROUP PLC
INSURANCE CLAIM UPDATE
As reported in the Chairman's Statement in January, Chemring Group PLC
("Chemring") has been endeavouring for some months to engage its insurers, Royal
& Sun Alliance ("RSA"), in meaningful negotiations over settlement of the
property damage and business interruption insurance claim following the incident
at Kilgore Flares Company LLC ("Kilgore"), Chemring's Tennessee-based subsidiary,
in April 2001.
Regrettably, RSA has not agreed to a reasonable settlement, and consequently
Chemring has been left with no option but to take the action outlined in January
and commence proceedings in the name of Kilgore in the Tennessee Court. The
claim which has been filed is for an additional US$16.9m, plus penalties as
provided by law.
Further updates will be provided as the matter progresses.
The rebuild of facilities at Kilgore is now complete and full production will be
resumed by May.
For further information please contact:
Paul Rayner Finance Director, Chemring Group PLC 01489 881880
Jonathan Rooper Cardew & Co. 0207 930 0777
This information is provided by RNS
The company news service from the London Stock Exchange
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